Eaton’s First Quarter Profits Jump 87% to $46 Million

An average 24% increase in advisory, distribution and service fees fueled a 87% surge in Eaton Vance’s first quarter profits to $46.2 million, or 37 cents per share, compared with profit of $24.7 million, or 21 cents per share in the year-ago quarter ended Jan. 31.

Revenue rose 30% to $272 million, up from $209.5 million, beating consensus estimates of $212.2 million. Assets under management rose 32.6% to $161.6 billion, up from $121.9 billion in the first quarter of 2009.